If an early repayment charge is applicable then it will be a percentage of the amount you pay off, so for example if the early repayment charge is 3% and you paid off Â£10,000, your erc would be Â£300, and then if you made the same payment in 6 months then again it will be another Â£300.

Out of curiosity would you mind posting your figures? i.e balance, interest rate, erc, and the amount your paying off?

If an early repayment charge is applicable then it will be a percentage of the amount you pay off, so for example if the early repayment charge is 3% and you paid off Â£10,000, your erc would be Â£300, and then if you made the same payment in 6 months then again it will be another Â£300.

Out of curiosity would you mind posting your figures? i.e balance, interest rate, erc, and the amount your paying off?
Originally posted by glosoli

”
Mortgage Â£98,000

Interest 3.39% with just over 2 years to go on my 5 yr deal

17 years left on my mortgage term

Currently paying Â£635 ish per month

ERC is 3% now and 2% after 31st March

I have Â£40000 lump sum

I thought I would pay the maximum allowed this year now which is Â£9800 and the rest after 31st March.

The reason for the lump sum is from my pension as I took early retirement because of ill health. I need to reduce my monthly outgoings and also not have too much in savings as I may need to claim benefits. My annual income is being reduced by around Â£4000 per year.